Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more "noise" than signals of a short-term surplus. As of 3:50 PM WIB, Brent was at $69.60/barrel (+0.29%) and WTI was at $64.83/barrel (+0.31%). The gains were moderate, but enough to keep prices near the psychological $70 level for Brent. From a geopolitical perspective, market focus is on the potential for escalation in the Middle East. Recent reports...
Oil headed for a third weekly decline as investors focused on supply and the fallout of renewed US-China trade tensions. West Texas Intermediate traded above $57 a barrel and is on track for a 2.4% weekly drop, while Brent settled near $61. US President Donald Trump said he would hold a second meeting with Russian President Vladimir Putin "within two weeks or so" aimed at ending the war in Ukraine, raising the prospect that an increase of barrels from the OPEC+ member will exacerbate a global gut. Oil is set to notch its longest weekly losing streak since March, as investors...
Oil prices plunged more than 1% on Thursday (October 16) after U.S. President Donald Trump said he and Russian President Vladimir Putin agreed to meet soon in Hungary to discuss ending the war in Ukraine, which has raised uncertainty over global energy supplies. Brent crude futures closed 85 cents, or 1.37%, lower at $61.06 per barrel. U.S. West Texas Intermediate crude futures closed 81 cents, or 1.39%, lower at $57.46. This was the lowest close for both benchmarks since May 5. Trump said he and Putin agreed on Thursday to meet soon in Budapest to discuss ending the war in Ukraine, one...
Gold hit a record high for the fourth straight session on Thursday, surging above $4,300 per oz as investors flocked to the safe-haven metal amid escalating U.S.-China trade tensions and the U.S. government shutdown, with speculation of an interest rate cut fueling the momentum. Spot gold rose 2.6% to $4,316.99 per oz at 4:07 p.m. ET (2007 GMT), after bullion hit a record high of $4,318.75 earlier. U.S. gold futures for December delivery closed 2.5% higher at $4,304.60, after hitting a record high of $4,335/oz. The yellow metal has gained more than 60% so far this year, driven by...
Gold has surged to a record high, fueled by speculation that the Federal Reserve will continue monetary easing and escalating U.S.-China tensions. The price of bullion has risen more than 6% so far this week and peaked above $4,280 an ounce on Thursday, continuing a sharp rally that began in August. This buying has also spread to other precious metals, with silver surging more than 3% on Wednesday as the London market remains tight. Traders are betting on at least one major U.S. interest rate cut by the end of the year, while Fed Chairman Jerome Powell hinted this week that the central...
Oil prices held steady near a five-month low amid mixed signals regarding US President Donald Trump's push to halt India's purchases of Russian crude. West Texas Intermediate was little changed and traded near $58 per barrel after earlier rising as much as 1.4%. Indian refiners said they expect to reduce—not halt—purchases of Russian crude, a move that could strain global supplies, following Trump's statement that the South Asian nation would halt all purchases. However, the market is still awaiting clarification from the New Delhi government, which has neither officially confirmed nor...
The U.S. dollar drifted lower Thursday on growing expectations of further interest rate cuts by the Federal Reserve this year, while signs of French political accord helped the euro. At 04:45 ET (08:45 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% lower to 98.342, headed for a weekly decline of 0.3%. More Fed cuts ahead?Market participants are becoming increasingly convinced that the U.S. central bank will follow last month's interest rate cut with more monetary easing as data points to growth slowing in the world's largest...
Gold rose to a new record high, with spot prices hitting an intraday high of $4,242/oz this morning, driven by escalating US-China tensions and expectations of two more Fed rate cuts this year. Gold and silver were the two best-performing commodities. Silver prices also rose more than 3% to close above $53/oz yesterday amid tight supplies in London. US Treasury yields fell to their lowest level in months after Fed Chairman Powell hinted at the possibility of a quarter-point interest rate cut this month. Regarding the latest China tariffs, President Trump issued new trade threats against...
Silver held around $53 per ounce on Thursday, holding close to record highs hit earlier in the week as a global supply crunch fueled a historic rally. Tightness was most acute in the London market, where a short squeeze sent lease rates surging over 30% last week, driving rollover costs for short positions to unsustainable levels. Demand from India has further strained supply, prompting several mutual fund houses to suspend inflows into their silver ETF fund-of-fund schemes. Meanwhile, dovish remarks from Fed Chair Powell, who pointed to labor market weakness, strengthened bets on more US...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....